Steep Hill to close Alaska cannabis testing lab

One of only three marijuana testing labs in Alaska has shut down, leaving the state’s cannabis growers with only two options for mandated testing.

Steep Hill Alaska, of Anchorage, declared in an Instagram post that the lab is “suspending cannabis testing operations on March 31,” the Juneau Empire reported.

The lab said it has to relocate after “Wells Fargo called in our loan on our building.”

The bank will foreclose on the space if the lab does not move out, according to the post.

“It is currently Wells Fargo’s policy not to knowingly bank marijuana businesses,” Alaska Wells Fargo spokesman Brian Kennedy wrote in an email.

Steep Hill CEO Brian Coyle said his lab’s closure is the end result of months of conflict.

Steep Hill rents office space in Anchorage and was informed by its landlord late last year that Wells Fargo – which holds a loan on the building – was preparing to call the loan because it had learned that Steep Hill was a marijuana business.

With Steep Hill’s closure, Anchorage-based CannTest and Wasilla-based New Frontier Research now are the only available testing labs in the state.

“As far as the industry as a whole is concerned, I don’t think it will be a major issue,” said Brandon Emmett, a member of Alaska’s Marijuana Control Board.

A CannTest representative confirmed its lab has enough capacity to handle state demand.

One comment on “Steep Hill to close Alaska cannabis testing lab”

”“It is currently Wells Fargo’s policy not to knowingly bank marijuana businesses,” Alaska Wells Fargo spokesman Brian Kennedy wrote in an email.”

It all makes sense to me. Wells Fargo is a stickler for following banking regulations. I hope the board of directors have a fuzzy feeling of compliance. To force a closure of a top notch testing lab that assists in consumers finding clean tested medicine has nothing to do with the normal criminal activity Wells Fargo usually attempts.
just look at what Wells Fargo has been up to over the past several years. The mega-bank famously issued at least 3.5 million fake accounts without consumer consent, triggering a $185 million fine to state and federal regulators. The bank aimed to demonstrate sales growth to investors and boost the stock price with bogus numbers, but millions of customers got caught up in the exchange, paying unnecessary fees and taking hits to their credit scores. Scores of defrauded customers sued Wells Fargo in a series of class-action lawsuits.

Dear Wells Fargo, please close my account. The ones I opened and the ones you opened for me. I do not wish to be part of your pump and dump profit at all costs scheme.